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What does 2018 hold for the corporate deals market?

Posted on: January 11th, 2018 by Katherine Broadhurst No Comments

MHA Broomfield Alexander Manager, Katherine Broadhurst, gives her thoughts on the year ahead in our latest Q&A? (more…)

For whom does VAT Toll?

Posted on: January 11th, 2018 by Liz Maher No Comments

Well the good news is that it doesn’t now apply to any tolls paid by commuters – business or personal – crossing on the Severn Bridges from the 8th January 2018. (more…)

Giving to charity in life and death

Posted on: January 10th, 2018 by Sarah Case No Comments

How to include charitable donations in your tax planning strategy.

Incorporating charitable giving into your tax planning strategy can be a useful way to reduce both your income tax and the inheritance tax (IHT) that will eventually become payable on your estate.

As such, gifts may become an important component of both the estate planning process and the more immediate goals of reducing your income tax bill.

You can make charitable gifts at any time during your lifetime and posthumous gifts can be written into your will. (more…)

Disincorporation relief to end in March 2018

Posted on: January 10th, 2018 by Sarah Curzon No Comments

Disincorporation relief will not be extended beyond its 31 March 2018 expiry date.

The relief was introduced in April 2013 in a bid to remove the tax burdens when small business owners want to change from a limited company to a sole trader or partnership.

It allows companies to transfer certain assets, such as land, building and goodwill, to shareholders without incurring a corporation tax charge. (more…)

HMRC investigations

Posted on: January 10th, 2018 by Leighton Reed No Comments

What to expect when the Revenue comes knocking.

Anyone whose business comes under the Revenue’s microscope is usually in for a roller-coaster ride.

HMRC has upped its game in recent years when it comes to probing businesses or sole traders who may be suspected of falsely reporting or underpaying tax. (more…)

HMRC stops use of personal credit cards to pay tax bills

Posted on: January 10th, 2018 by Sarah Curzon No Comments

HMRC is withdrawing the option to use a personal credit card to pay for tax returns, with the deadline for online submissions rapidly approaching.

The Revenue is withdrawing this facility on 13 January 2018, just weeks before any money owed for 2016/17 is due by midnight on 31 January 2018.

HMRC will continue to accept payment from business credit cards after 13 January 2018, although higher transaction fees will apply. (more…)

Small businesses face skills gaps

Posted on: January 10th, 2018 by Sarah Case No Comments

Small businesses are experiencing skills shortages in both their workforce and their recruitment processes, causing concerns for future productivity.

The Federation of Small Businesses (FSB) surveyed 1,203 small business owners and found that 46% lack a fully proficient workforce.

Additionally, almost a third (30%) of business owners who have recruited in the last 12 months reported facing skills shortages. (more…)

Number of businesses soars to 5.7m

Posted on: January 10th, 2018 by Sarah Curzon No Comments

The number of private sector businesses in the UK hit a record high of 5.7 million at the start of 2017, according to government figures.

Annual statistics from the Department for Business, Industry, Energy and Strategy showed a year-on-year rise of 197,000, compared to the same time in 2016.

The number of firms in 2017 is also 2.2 million higher than at the start of the millennium, with 4.5 million businesses in operation back in the year 2000. (more…)

Finding New Trustees

Posted on: January 9th, 2018 by Sarah Case No Comments

Welcome to 2018 and our new publication 11 Key Steps for Trustees, 1 Giant Leap for your charity.  Recognising the work The Charity Commission are undertaking to upskill both trustees and increased standards and governance throughout the sector we have focused our 2018 publication on Trustees. (more…)

Following HMRC’s latest crackdown on restaurants, who’s next in 2018?

Posted on: January 9th, 2018 by Leighton Reed No Comments

Following the recent crackdown on restaurant businesses, which sector is going to be next to face inquiries from the taxman? HMRC teams are sequentially targeting different sectors of the economy as it looks for new sources of revenue.

The latest sign restaurant and takeaway businesses are being targeted is that they made up 19%* (25 of 133) of all the businesses and business owners ‘named and shamed’ by HMRC as ‘deliberate tax defaulters’ this month. The businesses named have already faced an investigation and the list is a good indicator of HMRC’s current sectoral focus. (more…)